1 / 6

Types of Economic Systems

Types of Economic Systems. Systems. Traditional Economies custom, culture, or ritual to decide revolves around family/community Market Economies free market, free enterprise, capitalism individuals and companies decide, not gov’t. Command Economies - centrally planned economy

delano
Download Presentation

Types of Economic Systems

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Types of Economic Systems

  2. Systems • Traditional Economies • custom, culture, or ritual to decide • revolves around family/community • Market Economies • free market, free enterprise, capitalism • individuals and companies decide, not gov’t • Command Economies- • centrally planned economy • the central gov’t alone decides • Mixed Economies- • combination of other three economies • most modern economies are mixed • US is a free market economy but the gov’t intervenes to keep order, regulate, provide services, and promote general welfare

  3. Which are you? • Take the test… • Check everything you agree with • Compare your results with a partner • Let’s take one as a class • http://www.blogthings.com/areyouasocialistorcapitalistquiz/

  4. Free Market/Capitalist • Adam Smith’s Wealth of Nations • Laissez-Faire • Competition • Self-interest • Economic efficiency, freedom, growth and consumer sovereignty

  5. Centrally Planned/Command Economies • Karl Marx -“Communist Manifesto” • Believed all politics and history is driven by the struggle of the proletariat (workers) vs the bourgeoisie (rich upper class) • a socialist society can only come after a violent revolution

  6. Socialism Communism • philosophy that wealth should be redistributed throughout society • can allow for democracy and private ownership • gov’toften owns major industries and uses wealth for social programs • centrally planned economy with all economic and political power residing in the central government • little to no private ownership with societal equality • communist governments are authoritarian- strict obedience to the government, no individual freedom Socialism vs. Communism

More Related